How Would a Potential Kamala Harris Presidency Affect Bitcoin and Cryptocurrencies?

US Vice President Kamala Harris has surprisingly emerged as the presumptive Democratic presidential nominee after incumbent Joe Biden abruptly dropped out of the race on Sunday.

This change is a Harris administration Bitcoin and wider crypto para has sparked various rumors about how it could shape the future of the industry.

With Harris’s chances of winning the upcoming election rising to 29% after she secured the support of top Democrats, interested parties in the crypto market are eagerly watching for any signs that could indicate the potential impact a Harris administration will have on the industry.

Analysts at cryptocurrency exchange Bitfinex say investors are currently adopting a cautious stance and are waiting for clearer signals from Harris regarding her specific policies on cryptocurrencies. For now, a tentative understanding of Harris’ potential approach can be gleaned from her previous positions on consumer protection and financial regulation.

“Harris’ political positions suggest a focus on consumer protection and financial regulation, which could mean continued scrutiny of the crypto market,” analysts wrote.

Analysts also noted that Harris is likely to continue the Biden administration’s cautious approach to cryptocurrencies, which may not benefit the market. “Since Harris is part of the current administration, we can assume that the policies of the last four years will continue in the next term,” YouHodler Market Chief Ruslan Lienkha said.

However, Lienkha also acknowledged that there could be slight shifts in favor of crypto due to potential pre-election promises. “There could be slight shifts in favor of crypto due to potential pre-election promises as a result of competition with the Republican candidate who is actively seeking support from crypto enthusiasts,” he added.

*This is not investment advice.